Which Bank ATM Gives Best Withdrawal Rate?

[JackJD]

I receive dollars from the U.S. There always seems to be a wide difference between the published "Buy-Sell Rate" and what is offered at the ATM. Anyone have any researched facts about which bank gives the best rates?

[Stocky]

It varies somewhat but the best information I've seen is here (use the TT rate).

http://bankexchangerates.daytodaydata.net/

But beyond the exchange rate you also need to consider how much you offset the ATM charges both from your bank at origin and the local charge, so CIMB, TMB and Krungsri are good options as they let you take 30,000 at a single transaction. Of the three TMB generally give the better rates.

.

Edited July 25, 2015 by Stocky

[slipperylobster]

Of course, your bank may limit your daily withdrawal. Mine did....so I changed banks.

If you can swing it...just wire 3 months supply of cash at a time...for 21 bucks. XE does this for me....and the rate is much better than the atm. This way I average 7 bucks a month to get my money

[cmth]

If using a MasterCard debit or credit card, always choose continue without conversion. That way you get MasterCard exchange rate and it is always much better than the ATM exchange rate. You can view MasterCard exchange rates online and compare.

[KhunBENQ]

Exchange rates for credit cards are set by the card organisation/issuing bank and not the bank ATM where you withdraw.

The ATM bank "just" adds an arbitrary "fee" usually 180 Baht per transaction.

That is true ONLY if you use to be debited in Thai Baht.

Which was the norm and no selection available in the past.

But nowadays there is the fraudulent method of DCC where you are offered to be debited in your home currency.

In this case the ATM bank determines the exchange rate. The rates are terrible and you loose significant money.

If ever you see your home currency after having entered an amount in Thai Baht: CANCEL STOP !!!

The exchange rates for VISA cards are close to the "TT" exchange rates as presented with the link in post #2 with a delay of about one day.

(Bangkok Bank TT rate is close)

You can check the rates for VISA ATM transactions here:

http://www.visaeurope.com/making-payments/exchange-rates (VISA Europe)

http://usa.visa.com/personal/card-benefits/travel/exchange-rate-calculator.jsp (VISA Inc. USA)

Rates for transactions today:

1 UNITED STATES DOLLAR = 34.7596371094 THAI BAHT
1 EURO = 38.0190482123 THAI BAHT

I don't have links for MC at hand.

This is a link in German which my bank uses to determine the VISA or MC rates.

The difference of the VISA rates compared to the above (if any) is negligible (4th digit or so)

https://misc.firstdata.eu/CurrencyCalculator/fremdwaehrungskurse/calendar

Edited July 26, 2015 by KhunBENQ

[JackJD]

If using a MasterCard debit or credit card, always choose continue without conversion. That way you get MasterCard exchange rate and it is always much better than the ATM exchange rate. You can view MasterCard exchange rates online and compare.

Now that is a GREAT piece of information! MANY THANKS for educating us on something I should have known!

[Pib]

You get the Visa/Mastercard exchange rate "minus any home country card-issuing bank foreign transaction fee(s) assuming you do not accept a DCC transaction if offered by the ATM." And of course don't forget the Thai bank/AEON local ATM fee of Bt180 (Bt150 at AEON). If accepting a DCC transaction the exchange rate will be 3 to 4% lower than the Visa/Mastercard exchange rate and you still might be hit with any foreign transaction fee your card-issuing bank may apply...a double whammy. And whether any fees are mixed-in with the cash withdrawn/purchase amount or shown separately on your card account is purely up to your card-issuing bank....some card-issuing banks like to mix-in the fees to hide the fees they are charging...make you think the fees are all coming from the cash withdrawal/purchase end.

Visa Exchange Rate Page. Please note if you have a Visa card issued by a European bank there is a separate link to click on this page.

Mastercard Exchange Rate Page

As a rule of thumb the Thai bank TT Buying Rate is pretty close, say usually plus or minus 0.25 to 0.5%, of the Visa/Mastercard exchange rate. Sometimes the TT Buying Rate is a little higher than the Visa/Mastercard rate; other times a little lower. Since a person can usually look up the going TT Buying Rate of Thai banks pretty fast at a bunch of different websites like below website or even ThaiVisa and not have to do any calculations, a person could use the TT Buying Rate as a well-within-the-ball-park-approximation of the Visa/Mastercard rate. But remember, if you want the exact rate go to the Visa/Mastercard exchange rate page and don't forget to take into account any foreign transaction fee your card-issuing bank may apply and the Thai bank ATM fee. Lots of folks blame the ATM they use for a suck-ass rate when in fact they got the Visa/Mastercard rate but were then hit with the foreign transaction fee(s) of their card-issuing bank.

http://bankexchangerates.daytodaydata.net/default.aspx

In closing, don't accept a DCC transaction via ATM or purchase. A DCC transaction is legal but Visa/Mastercard try to be politically correct in warning card holders on their websites about the DCC impact....that is, a lower rate provided by the bank operating the ATM or the merchant selling you something. DCC bad for the customer; DCC good for the bank/merchant.

Edited July 26, 2015 by Pib

[cmth]

There are many factors in deciding what is the best for your situation. If you use an ATM you will be charged by the banks at both ends. No way around that one. The biggest factor is how much are you withdrawing and how fast do you want it? I have seen a 2 baht per dollar difference before between MasterCard rate and the Thai banks rate. MasterCard always offers a better exchange rate than you get at the ATM if you choose for the Thai bank to do the conversion. Once the dollar amounts go up to more than $750 US a wire transfer starts looking better. You will need a Thai bank account for this however.

[JimGant]

Of the three TMB generally give the better rates.

Unless a bank uses Dynamic Currency Conversion (DCC), i.e., deviates from the credit card networks to set their own FX rate, you'll get the advertised credit card rate for that day (well, late in the day for MasterCard) -- from all Thai banks' ATM machines. Your "effective" rate, of course, is altered by what your card issuer charges for an ATM transaction. Many pass on the network's 1% foreign transaction fee -- and add on another 2% of their own. (See, for example, Chase and Citi, at this site: http://www.flyerguide.com/Credit/Debit/ATM_Cards_and_Foreign_Exchange ). Then, further added on -- and affecting the "effective rate" -- you get the ATM owner's fee of 180 baht, which many issuers don't reimburse.

If you'd wired, or ACHed $10,000 last week -- and it arrived on Friday -- you would have received the 0830 buying TT rate of 34.70 at Bangkok Bank (other banks' TT rates are in the same ballpark -- but they only receive the more expensive (front end fee) wire transfers). Thus, Bangkok Bank, due to its cheaper ACH option, is really the only cost effective game in town. For a $10,000 ACH, then, the effective rate would have been 34.62 (($10 front end, 500bt back end fees). For a $2,000 transfer, effective rate would have been 34.51 ($5/200bt).

Take your completely fee free Schwab ATM card, with reimbursed owner ATM fees, to any ATM machine (except those with DCC) -- your Friday Visa rate would have been 34.65 -- which, with no fees, is the same as your effective FX rate. Compare to wiring/ACHing.

Or use your Chase ATM card on Friday, with its 3% fee and no reimbursement. The effective FX rate is 33.44! Thus, $897 to buy 30,000 baht. Your fee free Schwab card will cost you only $866 to get 30,000 baht. (A $2000 ACH will cost you only $869 for 30,000bt.)

And actually, because of the galloping dollar, this is not a great time to compare the best way to get your dollars to Thailand. In more stable times, the fee free Schwab (or similar) card beats an ACH every time -- coming out several satang better than the TT rate (MasterCard/Cirrus comes out several satang less than the TT rate, on average) -- even before front and back end ACH fees. But, if you don't have one of those fee free cards, ACH wins every time over a card with any fees. (Except, maybe, when the dollar keeps jumping every day -- thus trumping sending a lump ACH for the next few months' living allowance -- but this is unusual -- if not, guess I'll dust off my Schwab card).

If you use an ATM you will be charged by the banks at both ends. No way around that one.

Except with Schwab... ( And maybe State Farm and Fidelity debit/ATM cards -- Pib and Tall John can verify that.)

[Pib]

There are many factors in deciding what is the best for your situation. If you use an ATM you will be charged by the banks at both ends. No way around that one. The biggest factor is how much are you withdrawing and how fast do you want it? I have seen a 2 baht per dollar difference before between MasterCard rate and the Thai banks rate. MasterCard always offers a better exchange rate than you get at the ATM if you choose for the Thai bank to do the conversion. Once the dollar amounts go up to more than $750 US a wire transfer starts looking better. You will need a Thai bank account for this however.

No, I have a couple of debit cards that don't card any foreign transaction fees and reimburse ATM fees. Cards like the Schwab, St Farm, Fidelity, and Service Credit Union don't charge fees and/or reimburse all fees. I'm sure there are other debit cards that do the same...these are just the ones I hear about frequently.

And though I don't know of any "credit" cards that reimburse ATM fees I do know Pentagon Federal Credit Union credit cards do not charge any foreign transaction fee nor cash advance fee if using it for a counter or ATM withdrawal...and then just prepay or pay same day to avoid any interest charge.

These are all U.S. cards.

[technologybytes]

if you are looking for the best deal. stop using a overseas card in a Thai ATM as thats typically the most expensive way to get your money.

Transfers are usually much cheaper, and when the money lands in Thailand you get the best possible rate provided you do not send Thai baht..

[Pib]

if you are looking for the best deal. stop using a overseas card in a Thai ATM as thats typically the most expensive way to get your money.

Transfers are usually much cheaper, and when the money lands in Thailand you get the best possible rate provided you do not send Thai baht..

"Typically" you are right since most cards charge a foriegn transaction fee, but if you have a no foriegn transaction fee card you are wrong as the Visa/Mastercard exchange rate is plus or minus a few stang the TT Buying Rate used for incoming wire transfers. The fees associated with the card will only be Bt180 which is also reimbursed for some cards compared to the higher sending/receiving fees associated with a transfer.

[royalmice]

I have tried 2 different ATM's Bangkok Bank and Kasikorn bank to withdraw money from my Payoneer Debit card

K Bank ATM give me the worst exchange rate of the 2 bank. and it was different by almost Bht. 2 per dollar.

So my advise is use Bangkok Bank ATM's

[hellstens]

For ten years, I have always get into the Bank and use my cart to take out money, if the Bank have the card reader for Telex Transfer they can take out the money for you,!

You got the best exchange, and don't pay the 180thb.

and if you need more money same time, you can do it repeatedly

​Today my money go directly to my account in Thailand :-)

Good luck

[Pib]

I have tried 2 different ATM's Bangkok Bank and Kasikorn bank to withdraw money from my Payoneer Debit card

K Bank ATM give me the worst exchange rate of the 2 bank. and it was different by almost Bht. 2 per dollar.

So my advise is use Bangkok Bank ATM's

Which tells me you are being offered a DCC transaction at the K-bank ATM, which will result in a 3 to 4% lower exchange rage, and accepting the DCC transaction without even knowing it. Don't do a DCC transaction although the ATM may call it something else like Bank Rate, Home Rate, etc...just read the screen closely for their weasel words. And then even with a DCC transaction you may still get hit with the Payoneer card foregin transaction fee.

Looking at the Payoneer site it says it uses the Mastercard exchange rate...then you have the following foreign transaction fees:

• Outside US: $2.15 + up to 3% of transaction amount

[Ebenezer]

It varies somewhat but the best information I've seen is here (use the TT rate).

http://bankexchangerates.daytodaydata.net/

But beyond the exchange rate you also need to consider how much you offset the ATM charges both from your bank at origin and the local charge, so CIMB, TMB and Krungsri are good options as they let you take 30,000 at a single transaction. Of the three TMB generally give the better rates.

.

That link to the banks' rates is really useful - many thanks!

[shadowmaster1971]

I recently withdrew large sums from Krunsgri atm using and ATM card from HK. At the time XE was quoting the mid market rate at B4.356 to HK$. The rate on ATM withdrawal was B4.32 to HK$ (a 1% difference vs XE). My charges were only 50 baht for ATM withdrawal. There were no other charges.

I bank with Bank of China in HK, so my ATM card is not Visa or Master Card debit card, but China UnionPay. So it seems UnionPay may appear even better on exchanges rates and fees.

[Pib]

I recently withdrew large sums from Krunsgri atm using and ATM card from HK. At the time XE was quoting the mid market rate at B4.356 to HK$. The rate on ATM withdrawal was B4.32 to HK$ (a 1% difference vs XE). My charges were only 50 baht for ATM withdrawal. There were no other charges.

I bank with Bank of China in HK, so my ATM card is not Visa or Master Card debit card, but China UnionPay. So it seems UnionPay may appear even better on exchanges rates and fees.

Using last Thursday/23 July just for exchange rate comparison between Union Pay, Visa, and Mastercard below are the results for HKD-THB:

Union Pay: 4.4464

Visa: 4.4382

MC: 4.4555

The three card networks had very similar rates with MC having the best rate on this date, Union Pay coming in 2nd, and Visa 3d. On another day the finishing order would probably be different.

At a Thai bank ATM a Union Pay or American Express card is only charged a Bt50 local ATM fee; Visa and Mastercard are charged Bt180. Don't know why the fee Thai bank ATMs charge for Union Pay and AmEx are lower, but I expect they are getting a supplemental rebate from Union Pay and AmEx...basically Union Pay and AmEx are trying to get more people to use their cards versus Visa and Mastercard cards.

Where you say there was no other charges, that would indicate your Union Express card is a no foreign transaction fee card....whether such a fee is charged or not is controlled by your card-issuing bank....has nothing to do with the Thai ATM end.

[maderaroja]

It varies somewhat but the best information I've seen is here (use the TT rate).

http://bankexchangerates.daytodaydata.net/

But beyond the exchange rate you also need to consider how much you offset the ATM charges both from your bank at origin and the local charge, so CIMB, TMB and Krungsri are good options as they let you take 30,000 at a single transaction. Of the three TMB generally give the better rates.

.

In Chiang Mai, the TMB and Krungsri banks allow only 20,000฿. I have never seen a bank with the name CIMB.

[KhunBENQ]

I have never seen a bank with the name CIMB.

CIMB Thai, a subsidiary of a Malaysian bank.

Not one of the big players, but four branches in CM city,

(and maybe some ATMs at shopping places etc,)

http://www.cimbthai.com/CIMB/en/locate_us/branch/2/50/all/

Krungsri ATMs can pay 30000 (at least with Thai ATM cards).

I don't know whether they have a limit for foreign cards (never tried).

Edited July 27, 2015 by KhunBENQ

[HerbalEd]

Fortunately I've ben able to arrange my transfer-money-to-Thailand system very well.

My Morgan Stanley wealth manager wires any amount of US dollars, as many times as I want for a zero fee.

When my money arrives at my Bangkok Bank account it is converted from US dollars to baht at a better exchange rate than at Bangkok Bank's exchange window (inside bank) or booth (outside bank). I get the same rate ... or very near ... that I can get an Vasu or Super Rich.

When the converted baht is in my ATM account I can then withdraw my baht from any Bangkok Bank ATM at no charge.

I very rarely use my US credit or debit cards to withdraw money from any Thai ATMs, and then only when it's an emergency and there's no other choice. And I never, ever borrow money with my credit cards. Why would I at those rates?

Edited July 27, 2015 by HerbalEd

[LarryLEB]

Before I left Canada to move to Thailand for retirement, I opened an account with Canadian Forex. Since arriving here four years ago, I use Canadian Forex to transfer money to my Kasikorn savings account. (I did try the ATM method a few times for comparative purposes, but found that method resulted in lower exchange rates.)

Canadian Forex converts my Canadian dollars to Thai baht, then sends them electronically to my Kasikorn account. Using the very useful site recommended above by Stocky (http://bankexchanger...ytodaydata.net/) here are today's rates for comparison:

Canadian Forex:

• 26.4358 Baht per Canadian dollar for $CDN 10,000 transaction amount
• 26.4875 Baht per Canadian dollar for $CDN 20,000 transaction amount
• And so on... Rates improve with the more dollars that are converted to baht.

Bank Exchanger (per Stocky's quoted website above):

• 26.107 Baht per Canadian dollar at Kasikorn Bank
• 26.150 Baht per Canadian dollar at Bangkok Bank
• 25.976 Baht per Canadian dollar at Siam Commercial Bank

When I use Canadian Forex to send to Kasikorn Bank, Kasikorn charges a small fee. (The fee has never exceeded one thousand baht.) A 1,000 Baht fee reduces the Canadian Forex effective rates above from 26.4358 to 26.3358 for $CDN 10,000 and from 26.48750 to 26.4375 for $CDN 20,000.

Comparing the bolded exchange rates, Canadian Forex ALWAYS provides the better exchange rate, and, therefore, more "bang for the buck/baht for the dollar." On a $CDN 20,000 transfer to Kasikorn, Canadian Forex provides 6,610 Baht MORE! [(26.4375 - 26.107) X 20,000]

CONCLUSION:

1. TRANSFER money to Thailand from your home country; don't use an ATM to do so!
2. Use the services of a FOREX COMPANY to do your transfer, NOT your home country bank!

Edited July 27, 2015 by LarryLEB

[nithisa78]

The true and 100% correct answer, no bank does. Not after you run all the numbers.

In any case and going by your photo, which isn't fooling me;

You can't cheat and honest man.

W.C. Fields

[nithisa78]

It varies somewhat but the best information I've seen is here (use the TT rate).

http://bankexchangerates.daytodaydata.net/

But beyond the exchange rate you also need to consider how much you offset the ATM charges both from your bank at origin and the local charge, so CIMB, TMB and Krungsri are good options as they let you take 30,000 at a single transaction. Of the three TMB generally give the better rates.

.

In Chiang Mai, the TMB and Krungsri banks allow only 20,000฿. I have never seen a bank with the name CIMB.

Stocky, good link. TY. BBVA Compass Bank - Charles Schwab, no fee ach, no fee International ATM use. These are the two biggest names that offer this service. BBVA just requires a direct deposit. Schwab, just requires you have an account. It doesn't have to be brokerage account. Very good CS.

[Pib]

I have never seen a bank with the name CIMB.

CIMB Thai, a subsidiary of a Malaysian bank.

Not one of the big players, but four branches in CM city,

(and maybe some ATMs at shopping places etc,)

http://www.cimbthai.com/CIMB/en/locate_us/branch/2/50/all/

Krungsri ATMs can pay 30000 (at least with Thai ATM cards).

I don't know whether they have a limit for foreign cards (never tried).

I use my foreign cards in TMB and Krungsri ATMs monthly here in Bangkok because they allow Bt30K.

[Pib]

Before I left Canada to move to Thailand for retirement, I opened an account with Canadian Forex. Since arriving here four years ago, I use Canadian Forex to transfer money to my Kasikorn savings account. (I did try the ATM method a few times for comparative purposes, but found that method resulted in lower exchange rates.)

Canadian Forex converts my Canadian dollars to Thai baht, then sends them electronically to my Kasikorn account. Using the very useful site recommended above by Stocky (http://bankexchanger...ytodaydata.net/) here are today's rates for comparison:

Canadian Forex:

• 26.4358 Baht per Canadian dollar for $CDN 10,000 transaction amount
• 26.4875 Baht per Canadian dollar for $CDN 20,000 transaction amount
• And so on... Rates improve with the more dollars that are converted to baht.

Bank Exchanger (per Stocky's quoted website above):

• 26.107 Baht per Canadian dollar at Kasikorn Bank
• 26.150 Baht per Canadian dollar at Bangkok Bank
• 25.976 Baht per Canadian dollar at Siam Commercial Bank

When I use Canadian Forex to send to Kasikorn Bank, Kasikorn charges a small fee. (The fee has never exceeded one thousand baht.) A 1,000 Baht fee reduces the Canadian Forex effective rates above from 26.4358 to 26.3358 for $CDN 10,000 and from 26.48750 to 26.4375 for $CDN 20,000.

Comparing the bolded exchange rates, Canadian Forex ALWAYS provides the better exchange rate, and, therefore, more "bang for the buck/baht for the dollar." On a $CDN 20,000 transfer to Kasikorn, Canadian Forex provides 6,610 Baht MORE! [(26.4375 - 26.107) X 20,000]

CONCLUSION:

1. TRANSFER money to Thailand from your home country; don't use an ATM to do so!
2. Use the services of a FOREX COMPANY to do your transfer, NOT your home country bank!

You compared Apples and Oranges....that is you compared the Candian Forex exchange rate which is an electronic transfer rate/TT Rate with the Thailand bank rate for Notes/currency. You need to compared the Canadain Forex rate with the Thai bank TT Buying Rate. You apparently looked at the Canadian Dollar to "Notes" rate when writing above post....you should have selected the Canadian Dollar to TT rate. When slelecting the TT rate below are the results where 2 of the 3 banks beat the Canadian Forex rate:

26.426 baht per Canadian dollar at Kasikorn Bank

26.545 baht per Canadian dollar at Bangkok Bank

26.527 baht per Canadian dollar at SCB